Canadian retailer Hudson's Bay posts profit below estimates - Reuters

Canadian department store operator Hudson's Bay Co reported a lower-than-expected adjusted quarterly profit due to higher expenses, but same-store sales at its Lord & Taylor chain in the United States returned to growth, reports Reuters. The company's net loss widened to C$124.2 million, or C$1.04 per share, in the quarter ended Nov. 2 from C$14.4 million, or 14 Canadian cents per share, a year earlier, hurt mainly by the cost of buying U.S. retailer Saks Inc. Hudson's Bay, which is backed by U.S. private equity firm NRDC Equity Partners, completed its $2.4 billion acquisition of Saks last month.

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